Key Highlights

  • 0.82 USD per share was the third-quarter Dividend declared by Gaming and Leisure Properties, Inc. (NASDAQ:GLPI), paid on September 25, 2026 to holders of record on September 11, 2026, a calculated annualized USD 3.28.
  • 79% is the calculated AFFO Payout Ratio of the USD 0.82 dividend against third-quarter AFFO of USD 1.04 per share, or USD 311.7 million, which rose 10.5% from USD 282.0 million.
  • 4.11 USD to USD 4.12 per diluted share and unit is the raised 2026 AFFO guidance, or USD 1.222 billion to USD 1.225 billion, including USD 800 million of planned development spending.
  • 8,158.1 USD million is total long-term Debt principal at a weighted average rate of 5.097% and weighted average Maturity of 6.6 years, with BBB- ratings from S&P and Fitch and Ba1 from Moody's.

Dividend Profile: Yield, Payout and Distribution Record of Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) declared its third-quarter 2026 Cash Dividend of USD 0.82 per share on September 1, 2026, with a Record Date of September 11 and payment on September 25, 2026. The annualized dividend is USD 3.28, up from USD 3.12 a year earlier, a calculated increase of USD 0.16, or about 5%. On 290,923,261 common shares and 8,473,163 OP units outstanding at September 30, 2026, the calculated quarterly distribution on the combined count is about USD 245.6 million. Management did not announce a fourth-quarter amount in the release.

The Rationale: Earnings, Cash Flow and Dividend Coverage at Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Adjusted funds from operations, or AFFO, is the coverage measure for a net Lease REIT. Third-quarter Revenue was USD 435.4 million versus USD 397.6 million, and adjusted EBITDA was USD 413.9 million versus USD 366.4 million. Net Income was USD 213.8 million, or USD 0.71 per diluted share, against USD 248.5 million. FFO was USD 275.9 million, or USD 0.92 per share, versus USD 1.08. Nine-month AFFO was USD 912.8 million, or USD 3.09 per share. Against the guidance midpoint of USD 4.115, the calculated payout ratio on USD 3.28 is about 80%.

Valuation, Balance Sheet and Risks for Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)

Cash was USD 165.8 million. The USD 2,090 million revolver due December 2028 had USD 329.1 million drawn, and a USD 679.0 million term Loan matures in the same month. Senior notes run from USD 500 million due June 2028 to USD 400 million due September 2054, and the company issued USD 800 million of 5.625% notes in March 2026 and raised USD 351.0 million of forward Equity in June. Tenant rent coverage ranged from 1.61 at Caesars to 2.46 at Boyd, with Bally's Master Lease at 1.98 and the amended Pinnacle Master Lease at 1.70 against an escalation governor of 1.8. Tenant concentration and development funding are the principal risks.

Where Things Stand

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) is growing AFFO while raising its dividend, supported by acquisitions including the Bally's Lincoln Casino Resort at USD 700 million and USD 56.0 million of annual rent at an 8.0% cap rate. The Bally's Chicago commitment is USD 940 million, with USD 640.7 million funded, and the Cordish Virginia commitment is USD 467 million. A calculated payout near 80% of AFFO leaves retained cash to fund development, which is guided at USD 800 million for 2026. The company excludes future acquisitions, dispositions and Capital Markets activity from guidance, and each dividend remains subject to board declaration.